Pakistan Economy Watch has lauded the decision of the government to abandon plants for privatization of Pakistan Steel Mills (PSM). The historic decision has catered for the reservations of many quarters and neutralised the threat of total deindustrialization of the country, said Dr. Murtaza Mughal, President, Pakistan Economy Watch on Saturday.
He said decision to sell Qadirpur Gas filed, Heavy mechanical Complex and SME Bank should be reviewed as it will result in instability.
He said that former government promoted consumerism and consumption that resulted in low industrial and agricultural activity. “It tried to inflict last blow on the industry by selling PSM but the then Chief Justice foiled the bid,” he said adding that now government’s assurance about PSM has comforted many.
Dr. Murtaza Mughal said that government should ensure that the IMF conditions are not against the interest of whatever industry and agriculture country is left with. Counterproductive measures will further plunge these sectors.
According to Federal Bureau of Statistics, manufacturing has witnessed a slide of five per cent in July and August. This situation needs immediate intervention of the government.
Government can increase exports by announcing an affordable power tariff for six months backed by and assurance that it will not be revised. Enabling environment will also help situation of balance of payments.
He said that the economic map of Pakistan could be altered if serious efforts are carried out to revive textile sector as global crises has hit this sector hard in other countries and opened new venues of opportunity for Pakistan.